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Japan’s tech conglomerate SoftBank Group Corp said it sees a loss of nearly ¥700 billion ($6.6 billion) by the end of March on its WeWork investment outside the Vision Fund.
Furthermore the group is also expecting a net loss of ¥900 billion from the investments made through the $100 billion fund.
The announcement comes as the pandemic-led disruption continues to takes its toll on one of the firm’s biggest investments. Softbank invested more than $13.5 billion into WeWork, adding to the problems of the group’s cash-fuelled push for expansion during the COVID-19 outbreak.
Furthermore the group is also expecting a net loss of ¥900 billion from the investments made through the $100 billion fund.
Softbank has been in an interest-bearing $160 billion debt since late December and has seen its yields on its bonds climb up to 4.5% in March.
SoftBank is also currently in a legal dispute with WeWork directors after they had backed out of a $3 billion tender when they resigned from the office-sharing firm.
The compounding worries have driven the highly-leveraged conglomerate to selling major assets in a bid to raise funds. However, the firm could be supported from the Bank of Japan’s plan of extending corporate bond buying.
Softbank kept its forecast of an annual operating loss of ¥1.35 trillion that was announced earlier in April.
SoftBank shares rose by 2.8% during an early trading session.
KYC Policy